Altria's IQOS Sales Disappear in a Puff of Smoke
All the plans Altria (NYSE: MO) had for dominating the electronic cigarette market are being snuffed out. The tobacco giant announced sales of the IQOS heated tobacco device from Philip Morris International (NYSE: PM) will end on Nov. 29 to comply with the ruling by the U.S. International Trade Commission (ITC) that its e-cigs violated British American Tobacco's (NYSE: BTI) patents.
Although the decision is being appealed, a final verdict could take years to be handed down, and the ITC gave the cigarette companies only 60 days to remove the devices from store shelves. With the future of its Juul Labs e-cig also in doubt, Altria could be shut out of the market, though all might not be completely lost.
An IQOS device. Image source: Philip Morris International.
Source Fool.com
